BOE Pays Attention to Pay

Last year, the substantial pay package granted to incoming Bank of England Governor Mark Carney was attracting attention. This year, the focus for the BOE is very much on what is happening to everyone else's wages.

The minutes from the July meeting of the central bank's Monetary Policy Committee showed another unanimous vote in favor of holding rates at 0.5%. While that was unsurprising, the tone of the minutes was slightly more...